By waiving Miller, Denver saves $3.5 million that the team would have had to pay him in the upcoming season.

Known around the league for his 3-point shooting, the 37-year-old Miller had his best years with the Memphis Grizzlies in the mid 2000's. There, he averaged up to 18.5 points per game in his highest-scoring season in '06-'07.

He then helped the Miami Heat win back-to-back NBA titles in 2011-12 and 2012-13, serving as a very reliable spot-up shooter in both postseason runs.